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Microcap & Penny Stocks : EUTO - (Eutro Holding Group)
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To: Deeber who wrote (3924)9/8/1997 6:40:00 PM
From: Michael Harb   of 8826
 
<<Funny stuff. MM's lowered the Bid to .185 at close, and raised ASK to .205. What the hell are they doing? Trying to trick us or something? Nobody sold at .19, makes no sense. Especially after the close. Hmmm, CHECK. Nearing CheckMate.>>

Remember there are 13 MM's on the Bid and the same 13 on the Ask. Each one has a different bid price. The high bid near the close was one MM who had shares to offer at .20. The next MM on the bid had shares to offer at .185. When the first MM dropped off the bid, probablyr because he sold all the shares he wanted to, the next highest bid was .185. It looks like a 123,000 share sell went through at .20 recorded on the tape right after the bid dropped.

I have been watching Level II all day. I'm in for 300,000 and not selling anytime soon.

MM's do play games with stocks, especially BB stocks. But it is perfectly reasonable for a bid to drop, even in the face of large buying, if the high bid maker sells all he wants to at that price. Depends also on the inventory of other ask makers as to whether they will the ask will rise. They may have bought a ton at .07 and decided to sell it all off at .20. So it can take awhile sometimes to bump one maker off the ask. Even with a lot of buying.

Individually most makers have spreads like .15 to .25. Or .10 to .20. When you intertwine all 13 of them you get a tighter spread generally. Things seem funny sometimes. Sometimes they are. But the Bid maker is almost never the Ask maker as well. So you always have two different MM's doing the buying and the selling. They have different inventories, etc......well. Enough said. I'm babbling.

Go EUTO. This still has a long way to run.

mike
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